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Danaher's Best Recent Deal: Its Shares

Manufacturing titan Danaher has backed off purchases as valuations rise.That's made its stock a deal.

It's not often that investors get a chance to own one of the best-run and top-performing Fortune 500 companies for less than a lofty premium. Danaher, however, is giving them that opportunity right now.

Danaher is a Washington, D.C.-based maker of electronic-measuring equipment, medical-diagnostic instruments and dental tools, water-treatment systems, and industrial products, among other items. It relies heavily on mergers and acquisitions for growth. In weighing the best use of capital, Danaher usually favors M&A...